NFT Marketplace OnePlanet Leaves Terra’s Orbit for Polygon

Following Terra’s demise in May, OnePlanet migrates users to Polygon’s PoS chain

article-image

Source: Shutterstock

share

key takeaways

  • The marketplace was one of the first projects to flag its intentions to migrate away from Terra’s blockchain ecosystem, the company said
  • OnePlanet said it worked with Polygon and Polygon Studios — the chain’s shepherds — to bring its services and assets across from Terra

Terra-based NFT marketplace OnePlanet has abandoned ship, jumping aboard a Polygon life raft following the collapse of Do Kwon’s blockchain in May.

At its height, the marketplace recorded 30,000 monthly active users and witnessed around $450,000 in daily trading volume, according to a statement on Tuesday.

OnePlanet has been eyeing a migration for months, ever since Terra collapsed in May which sapped hundreds of millions of dollars from the ecosystem as investors took their money and ran.

A hyperinflationary death spiral, triggered by a sharp decline in Terra’s algorithmic stablecoin, as well as its native token LUNA, began to take hold by May 8.

“It would be a lie if I say I wasn’t heartbroken, but I had a strong feeling that my team and I can get this through,” Pryce Cho, CEO von OnePlanet told Blockworks.

Terra’s decentralized finance applications held roughly $20 billion in total value locked on May 7. That figure quickly fell to around $48 million by June 1, DeFi Llama data show.

OpenPlanet said it became one of the first platforms to formally announce its abandonment of Terra in late May, opting for another chain rather than face the music with disgruntled investors.

“Polygon is a chain that provides a solution for diverse builders to utilize blockchain at their disposal,” Cho said.

As part of the move, the marketplace said it is aiming to become a significant builder within Polygon’s ecosystem all while attempting to rebuild into a user-friendly platform featuring a customized launchpad and utility add-on infrastructure.

OpenPlanet joins the likes of OpenSea on Polygon, one of the industry’s first NFT marketplaces, as well as major DeFi projects Aave and Uniswap, among the 37,000 dapps deployed since Polygon’s inception.

That diversity is important for OpenPlanet, which “seeks to be a key player that expands utility of NFT, beyond becoming a mere NFT marketplace,” Cho said.

Polygon actively courted teams looking to make the leap.

“Not only will this bring new life to displaced Terra collections, but it will also strengthen Polygon’s own gaming and NFT ecosystem,” Polygon Studios CEO Ryan Wyatt said in the statement.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Blinks Report Image.png

Research

Blinks enable the ability to vampire attack user monetization of existing networks by inserting onchain and financialized functionalities directly within the popular social feeds and digital experiences of today.

article-image

It’s time to focus on building long-term, value-driven models that ensure both user and developer loyalty

article-image

Plus, how the FTX collapse played out in Asian countries

article-image

Kalshi founder Tarek Mansour said Thursday marked the “the first trade on regulated election markets in nearly a century”

article-image

I was excited about being on the precipice of realigning societal incentives and solving many issues plaguing our modern financial world

article-image

Cypherpunk Holdings has rebranded to Sol Strategies in a pivot to a Solana-first investment approach

article-image

BitGo’s wrapped bitcoin (wBTC) has a new custodial challenger